MICROCAPITAL BRIEF: Accion Acquires 10% Stake in Peruvian Microfinance Institution (MFI) Credinka from Diviso Grupo Financiero

Accion, a US-based nonprofit organization, recently announced the acquisition of a 10-percent stake in Credinka, a microfinance institution (MFI) based in the Peruvian city of Cusco, from Diviso Grupo Financiero, a financial group that has been listed on the Lima Stock Exchange since 2007. The investment, the price of which has not been specified, is intended to facilitate an increase in the number of clients of Credinka, with the goal of spurring it to become the largest rural MFI in Peru. Diviso remains the majority owner of Credinka.

As of 2014, Credinka had 48 branches with 43,000 savers and 33,700 borrowers with a gross loan portfolio of USD 155 million.

As of 2013, Accion reports total assets USD 333 million and, in association with its partner MFIs, has an active loan portfolio of USD 7.9 billion serving 6.7 million borrowers.

By Simon Pfanner – Research Associate

About Caja Rural de Ahorra y Credito Quillabamba (Credinka)

Credinka is a microfinance institution (MFI) based in the Peruvian city of Cusco and was established in 1993. The MFI provides financial services including deposits and credits. As of 2014, Credinka had 48 branches with 43,000 savers and 33,700 borrowers with a gross loan portfolio of USD 155 million.

About Accion

Accion is a private, US-based nonprofit organization with the mission of alleviating poverty by offering financial products such as microenterprise loans and business training. Accion was founded in 1961 and issued its first microloan in 1973 in Brazil. Accion’s partner microfinance institutions provide loans to men and women entrepreneurs through 62 microfinance institutions (MFIs) in 32 countries in Africa, the Americas and Asia. As of 2013, Accion reports total assets USD 333 million and, in association with its partner MFIs, has an active loan portfolio of USD 7.9 billion serving 6.7 million borrowers.

About Diviso

Diviso Grupo Financiero is a financial group listed that has been on the Lima Stock Exchange since 2007. Diviso has operations in the finance sector through Credinka and Financier Nueva Vision, as well as in the capital market through Diviso Bolsop and Diviso Fodos. As of 2014, Diviso had operations in 12 regions through 80 offices with 90,000 borrowers with a gross loan portfolio of USD 200 million.

Sources and Additional Resources

[1] Accion News Releases, Accion Reaffirms Commitment to Expand Financial Services to Rural Unbanked in Peru Through the Acquisition of a 10 Percent Stake in Credinka

MicroCapital, August 9, 2014, Accion’s Frontier Investments Invests Equity in Britain’s Eseye, Provider of Machine-to-Machine “M2M” Services That Can Facilitate Utility Service to Low-Income Households

MicroCapital, May 15, 2013, Accion Venture Lab Invests in 5 Startups Aiming to bring Financial Services to Poor People, Including Salud Facil to Mexico, Varthana of India

MicroCapital, July 5, 2012, Accion to Launch $60m Frontier Investment Fund, Invest in Indian Microfinance, Other Ventures

MicroCapital Profile: Caja Rural de Ahorra y Credito Quillabamba (Credinka)

MicroCapital Profile: Accion

MicroCapital Profile: Diviso

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